Flexi-access Drawdown Illustration and Crystallising Benefits User Guide

Transcription

1 Flexi-access Drawdown Illustration and Crystallising Benefits User Guide

2 Flexi-access Drawdown Illustration and Crystallising Benefits This guide will help you when you re using the Zurich Intermediary Platform. It will take you through the screens you need to create a flexi-access drawdown illustration and crystallise a pension into a flexi-access drawdown. The guide can also be accessed by clicking the icon at the right hand side of the page, this feature is on all screens of the Platform. Once familiar with the system, this guide can be used as a reference document. Helpful icons on the Zurich Platform Contents Finding a Portfolio 3 Flexi-access Drawdown Illustration 5 Crystallising a Pension 9 Helpful information Enables you to edit the information Enables you to delete the information Denotes a mandatory field Enables you to save your work and exit the process. You can restart the process by selecting the item in your Work in Progress Expands the information Denotes that the portfolio is linked Flexi-acess Drawdown Illustration and Crystallising Benefits User Guide 2

3 Finding a Portfolio To create a drawdown illustration or crystallise a client s pension, you will first need to find the client s Portfolio. From the Firm dashboard, select Existing portfolio > Portfolio search. This screen allows you to search for Portfolios using multiple search fields. You can view all the Portfolios you have access to by simply clicking Search before entering any criteria. Enter details in one or more of the Portfolio search options and click Search. Flexi-access Drawdown Illustration and Crystallising Benefits User Guide 3

4 Finding a Portfolio (continued) On the results page, click on the Portfolio name. This will take you to the dashboard for that Portfolio. TIP If you want to check you have the correct client, click on the pen and the client Portfolio details will be displayed. Flexi-access Drawdown Illustration and Crystallising Benefits User Guide 4

5 Flexi-access Drawdown Illustration From the Portfolio dashboard, select Existing portfolio > Account management > Pensions > Drawdown illustration This will allow you to produce an illustration showing full or partial crystallisation of your client s pension benefits. Crystallisation pre-step To begin taking pension benefits, you need to crystallise some or all of your client s assets that are held in the Retirement Account. To do this you must first confirm specific details regarding previous pensions, drawdown or annuity as well as protection details. TIP To view the protection details that were submitted at account set up click the icon. TIP Ring-fenced cash allocated to a phased investment strategy cannot be crystallised. Therefore if full crystallisation is required you will need to cancel the phased investment strategy first. Flexi-access Drawdown Illustration and Crystallising Benefits User Guide 5

6 Flexi-access Drawdown Illustration (continued) 1.1 Drawdown/PCLS Enter the Intended annuity purchase age and the Proposed crystallisation amount. Enter the percentage of lifetime allowance that has been crystallised within pensions held off of the Platform. Click Calculate. The Standard lifetime allowance is displayed with the previously entered details incorporated in the calculations. Enter the pension commencement lump sum adjacent to Tax free cash. TIP If the client has exceeded the life time allowance a table will appear allowing you to calculate the tax payable on the additional benefits. Flexi-access Drawdown Illustration and Crystallising Benefits User Guide 6

7 Flexi-access Drawdown Illustration (continued) 1.2 Crystallise assets The Retirement Account assets are displayed here with the available units and the current value. Enter the values of the assets you wish to crystallise until the Remaining value is zero. TIP If there is cash available, this will automatically be used for the payment of the PCLS and will be reflected in the Remaining total. TIP DIM Model portfolios will be shown but will not be available to crystallise. TIP The drawdown illustration process allows you to specify which assets you intend to sell down to make cash available to pay PCLS. 1.3 Payment details Enter the amount of income required per payment frequency. TIP Details of any existing regular payments being made from this arrangement will be displayed. Flexi-access Drawdown Illustration and Crystallising Benefits User Guide 7

8 Flexi-access Drawdown Illustration (continued) 1.4 Income payment strategy Assets held within the Retirement Account are listed here with the available units and market value. You are able to elect to proportionally disinvest across all assets, selecting if cash and treasured assets are to be included if applicable. Alternatively, select No specify the percentage of the assets you wish the payments to be taken from, under Value. 1.5 Illustration The illustration process is now complete and the illustration and Charges information document are produced for downloading and viewing by clicking the icon. Click Previous to review and edit the information. Any changes you make will be reflected in the documents produced. Flexi-access Drawdown Illustration and Crystallising Benefits User Guide 8

9 Crystallising a Pension into Flexi-access drawdown Crystallising a pension follows the same process as creating the drawdown illustration. To proceed with crystallising a pension, from the Portfolio dashboard, select Existing portfolio > Account Management > Pensions > Crystallise pension. Flexi-access Drawdown Illustration and Crystallising Benefits User Guide 9

10 Crystallising a Pension into Flexi-access drawdown (continued) Crystallisation pre-step Select Flexi-access drawdown as the reason for crystallising the pension. To begin taking pension benefits, you need to crystallise some or all of your client s assets that are held in the Retirement Account. To do this you must first confirm specific details regarding previous pensions, drawdown or annuity as well as protection details. TIP To view the protection details that were submitted at account set up click the icon. TIP Ring-fenced cash allocated to a phased investment strategy cannot be crystallised. Therefore if full crystallisation is required you will need to cancel the phased investment strategy first. Flexi-acess Drawdown Illustration and Crystallising Benefits User Guide 10

11 Crystallising a Pension into Flexi-access drawdown (continued) 1.1 Drawdown/PCLS Enter the Intended annuity purchase age and Proposed crystallisation amount. TIP The Intended annuity purchase age is the age that your client expects to buy an annuity using their drawdown fund. Enter the percentage of any lifetime allowance that has been crystallised within pensions held off of the Platform. Click Calculate. The Standard lifetime allowance is displayed with the previously entered details incorporated in the calculations. Enter the pension commencement lump sum adjacent to Tax free cash. TIP The amount of Tax free cash must be held in cash. If there is insufficient cash available you will need to sell assets to make this available. TIP If the client has exceeded the life time allowance a table will appear allowing you to calculate the tax payable on the additional benefits. Flexi-access Drawdown Illustration and Crystallising Benefits User Guide 11

12 Crystallising a Pension into Flexi-access drawdown (continued) 1.2 Crystallise assets The Retirement Account assets are displayed here with the available units and market value. Enter the values of the assets you wish to crystallise until the Remaining value is zero. TIP If there is cash available, this will automatically be used for the payment of PCLS and will be reflected in the Remaining total. TIP The amount of Tax free cash must be held in cash. If there is insufficient cash available you will need to sell assets to make this available. TIP DIM Model portfolios will be shown but will not be available to crystallise. Flexi-access Drawdown Illustration and Crystallising Benefits User Guide 12

13 Crystallising a Pension into Flexi-access drawdown (continued) 1.3 Payment details Enter the amount of income required per payment frequency. TIP Details of any existing regular payments being made from this arrangement will be displayed. TIP Changing the Frequency of a payment will change the Frequency of any other income the client is receiving from other crystallised arrangements on the Zurich Intermediary Platform. TIP If the client wishes to have the pension income paid to a bank account that has not already been added to the Platform, go to Existing portfolio > Portfolio information > Client details to add this. Flexi-access Drawdown Illustration and Crystallising Benefits User Guide 13

14 Crystallising a Pension into Flexi-access drawdown (continued) 1.4 Income payment strategy The assets within the Retirement Account are listed here with the available units and market value. You are able to elect to proportionally disinvest across all assets, selecting if cash and treasured assets are to be included if applicable. Alternatively, select No and specify the percentage of the assets you wish the payments to be taken from 1.5 Declaration The table displays the required documents and an illustration. They will also be stored in the client s Portfolio document library for future reference. Use the scrollbar to read the whole declaration. If you are happy to confirm, click the check box and then click Submit. Flexi-access Drawdown Illustration and Crystallising Benefits User Guide 14

15 Zurich Intermediary Platform A better business experience NP (03/15) RRD For use by professional financial advisers only. No other person should rely on or act on any information in this advertisement when making an investment decision. This advertisement has not been approved for use with clients. Zurich is a trading name of Sterling ISA Managers Limited. Sterling ISA Managers Limited, authorised and regulated by the Financial Conduct Authority. Registered in England and Wales under company number Registered Office: The Grange, Bishops Cleeve, Cheltenham, GL52 8XX. Zurich Life Assurance plc is authorised and regulated by the Central Bank of Ireland and subject to limited regulation by the Financial Conduct Authority for the conduct of insurance business in the UK. Registered office: Zurich House, Frascati Road, Blackrock, Co Dublin, Ireland. Registered in Ireland under company number